Reserve Bank of India Chief General Manager, A P Hota is likely to take over as the interim Chief Executive Officer of National Payments Corporation of India, a top official said.

Reserve Bank of India Chief General Manager, A P Hota is likely to take over as the interim Chief Executive Officer (CEO) of National Payments Corporation of India (NPCI), a top official said.

The ministry of corporate affairs had issued license to the company in September last year, enabling it to set up a national corporation to handle all retail payments and settlements activities in the country.

Public sector banks will have a majority 51 per cent stake in the company, while the rest will be with private and foreign sector banks.

Over a period of time all retail payment and settlement activities, which is presently being handled by the RBI, is expected to be handed over to NPCI that would help the central bank to reduce its operational burden.

Indian Banks Association, which is the industry body of banks, will act as a facilitator to set up the company, the official said.

IBA has also appointed a consultant to recruit permenant CEO, CFO and other top executives of the company within a period of six months, the official said.